While the stocks lost some steam after opening sharply higher, S & P 500 ( SPX ) climbed 0.8% to close at 2964 points. The index also exceeded its previous all-time intraday higher right after the opening clock.
Dow ( INDU ) climbed past his best ever closing record when the market opened, but fell back when the day went on. The reference ended only 0.4%, or 117 points, higher. Dow is still 0.4% below the record set in October.
President Donald Trump and China's Xi Jinping agreed to celebrate new import tariffs and continue trade negotiations. Trump also promises to reverse its approach to Chinese tech giant Huawei, banning US companies doing business with it.
Trump also met North Korea's Kim Jong-Un in the demilitarized zone of the Korean Peninsula, which gets investors excited about a new round of nuclear negotiations.
"However, it is important for investors to remember that existing rates will remain in place, meaning that today's growth and earnings move will continue," Alec Young, CEO of Global Markets Research, FTSE Russell, wrote in a research paper . "This comes at a time when global PMI data continues to show production alertness in China, Europe and even the US."
In Vienna, the Organization for Petroleum Exports begins a two-day meeting that has markets that are excited about the continuation of production cuts.
Production cuts are meant to put a floor in oil prices. However, US oil production is on the rise, and this hinders the argument for higher oil prices.
US oil prices rose more than 2% earlier in the day, but then parried their gains. Oil futures declined 1
.1% higher at $ 59.09 a barrel, according to CME.